Dołączył: 16 Kwi 2011
Przeczytał: 0 tematów
|Wysłany: Pon 12:55, 23 Maj 2011 Temat postu: Jordan Retro 13 Whole Life Insurance Policy
,[link widoczny dla zalogowanych]
Life Insurance Quotes Comparisons
Life Insurance 101
Why Take Out Variable Universal Life Insurance?
When Considering a Permanent Life Insurance Policy
Insure. What is the Difference between Whole Life Insurance and Universal Life Insurance (accessed July 14, 2010).
Financial Web. Borrowing From Your Life Insurance (accessed July 14,[link widoczny dla zalogowanych], 2010).
New York Life. The Tax Advantages of Cash Value Life Insurance (accesed July 14, 2010).
Insure. Life Insurance Basics (accessed July 14, 2010).
[/b]The universal life insurance policy is essentially a term life insurance policy with a cash value account. Policy owners must pay the minimum premium amount to offset the costs of insurance as it will rise gradually. There are two types of universal life insurance policies: Option A and Option B. Option A provides a level death benefit by using the cash value as part of the payment. This lowers the insurer financial responsibility and makes this option cheaper for the policy owner.
[/b]The whole life insurance policy is considered the traditional life insurance plan. It provides a level death benefit for beneficiaries to receive when the insured dies. Owners of whole life policies lock in policy values as well as premium amounts and payment schedules during the time of application and cannot be changed. This provides policy owners with a straightforward understanding of what they are paying for.
Policy owners of whole life insurance policies cannot miss a premium payment or their plan will collapse. Although universal life plans allow missed payments as premiums can be paid from the cash value account, policy owners can risk a lapse if they miss too many payments. Also if a policy loan is not paid back before the insured dies, then the benefit payment will be reduced by the outstanding amount.
Benefits of Permanent Life Insurance Policy
Permanent life insurance policies earn cash value over time. The cash grows tax free within the policy until it is withdrawn. Policy owners can borrow against their policy in the form of a loan. Unlike regular loans, the money is distributed tax free and the money does not have to be repaid. Also the policy benefits from individually owned permanent life insurance policies are received tax free by the beneficiaries.
For example, if a universal life policy has $35,000 in the cash value account and the policy’s face value amount is $75,000,[link widoczny dla zalogowanych], then the insurer will pay $40,000 with the 35k to pay beneficiaries. Option B universal life policies works like whole life insurance plans as the cash value is added to the face value amount, which are both paid to beneficiaries.
[b]Universal Life Insurance Policy
People can purchase a permanent life insurance policy to protect their family financially if they were to die prematurely. These policies can cover the insured until they die or when the policy matures, typically at age 100. There are two types of permanent life insurance policies available in the United States: Whole Life and Universal Life. Both provide tax incentives for the policy owners while earning cash value over time.
[b]Whole Life Insurance Policy
Post został pochwalony 0 razy